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News Now

Washington
inside Washington (12/01/2008)
* WASHINGTON (12/2/08)—Credit Union National Association (CUNA)
CUNA President/CEO Dan Mica appeared live Monday on FOX Business TV. (Photo provided by CUNA)
President/CEO Dan Mica was among those that Fox Business Network tapped yesterday for reaction to Fed Chairman Ben Bernanke's comments on the economy. In a live interview Monday with Fox Business News right after Bernanke concluded his remarks and Q&A session, Mica said the Fed chairman's comments reinforced what the country already knows--that the economy is troubled. “I represent Main Street and you didn’t have to wait until today for an official declaration of a recession. People out there have known for months…that we were having severe problems. People also know that it is going to be very tough next year. There isn’t a small business on Main Street looking forward to the next year with any joy or glee.” Mica also predicted a busy 2009 in the U.S. Congress as federal lawmakers parse the government’s actions in response to the financial meltdown. “There will be hearings, there will be regulations, and there will be blame,” the CUNA leader said... * WASHINGTON (12/2/08)—The Federal Deposit Insurance Corp. said last week it would begin to speed up the eligibility process to bid on assets of failed banks by using a less exhaustive review process. It may also start issuing conditional approval for deposit insurance so more interested parties can become eligible to offer bids for failing institutions .(American Banker Dec. 1)... * WASHINGTON (12/2/08)—The Federal Deposit Insurance Corp. (FDIC) has started to force some banks to adopt its systemic loan modification program to the dismay of some bankers and relief of some consumer advocates. The FDIC stipulated recently that plans of Citigroup Inc. and U.S. Bancorp to buy assets of two failed California thrifts would get the government’s backstop only if they agreed to adopt the FDIC’s plan. (American Banker Dec. 1)…


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